New Look, the extreme avenue development chain, has kicked off talks with its lenders about refinancing £100m of debt amid a hard shopping for and promoting outlook for Britain’s predominant garments retailers.
Sky Information has learnt that New Look is working with advisers at Deloitte on exploring decisions for a time interval mortgage which matures in June 2024.
Among the many holders of the debt are Alteri, the specialist retail investor, Davidson Kempner and an arm of the Wall Avenue monetary establishment Goldman Sachs.
Sources acknowledged that New Look, which trades from better than 400 outlets inside the UK and Eire, anticipated to achieve a call on the refinancing talks inside the coming months.
It marks the latest chapter inside the chain’s journey within the path of a sustainable long-term capital building following two painful restructurings, the newer of which concluded in 2021.
One provide close to the company acknowledged it was prudent to find refinancing decisions at this stage, and that it was shopping for and promoting correctly.
New Look is taken into account one among Britain’s largest omnichannel garments chains, utilizing better than 10,000 workers and boasting 10m energetic prospects.
It’s the second-biggest participant inside the UK womenswear class.
Within the financial 12 months ended 25 March 2023, New Look reported entire revenue of £895m and earnings sooner than curiosity, tax, depreciation and amortisation of £42.2m – a year-on-year enhance of better than 67%.
A New Look spokeswoman declined to comment.